Platinum Equity Completes Sale Of PrimeSource To Clearlake Capital Group
LOS ANGELES, Dec. 31, 2020 /PRNewswire/ -- Platinum Equity announced today that the sale of PriSo Holding Corporation ("PrimeSource", or the "Company") to Clearlake Capital Group, L.P. (together with affiliates, "Clearlake") has been completed.
PrimeSource is a leading global distributor of specialty building materials serving residential, commercial, and industrial new-construction and remodeling markets. Founded in 1990, PrimeSource manages a highly diversified global supply chain, distributing over 23,000 SKUs sourced from more than 500 vendors in 16 countries throughout Asia, Europe and North America. The Company plays a crucial role for its customers who rely on its superior brand value, breadth of offering and sourcing and logistics capabilities.
Platinum Equity acquired PrimeSource in 2015 from Itochu Corporation.
"PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment," said Platinum Equity Partner Jacob Kotzubei. "We started by providing a divestiture solution to a large corporate seller, then executed a comprehensive transition and transformation program that established PrimeSource as a solid platform for growth as an independent company. The business thrived under our stewardship, to the benefit of its customers, suppliers, employees and their communities."
"PrimeSource has been an outstanding investment and is a testament to our strong partnership with CEO Tom Koos and the leadership team," said Platinum Equity Managing Director Todd Golditch. "Platinum Equity has a proven track record in the building products space over many years and we will continue to look for new opportunities to create value in the sector."
Moelis & Company LLC served as financial advisor to PrimeSource on the sale and Gibson, Dunn & Crutcher LLP served as Platinum Equity's legal advisor.
Hear Platinum Equity and PrimeSource executives discuss more about the investment and the transformation of the company here: PrimeSource Building Products
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.
Contacts:
Dan Whelan, Platinum Equity
(310) 282-9202
[email protected]
SOURCE Platinum Equity
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